After failing to overcome $38,000 once again, bitcoin’s price took a substantial hit and plummeted by over two grand in a day.
Most altcoins are also well in the red, with ETH losing the $2,000 level despite BlackRock’s ETF filing and SOL dumping by double digits.
BTC’s Nosedive
The primary cryptocurrency traded sideways at around $37,000 during the weekend and on Monday, but that’s where the landscape became significantly more volatile. At first, the bears gained control over the market and pushed the asset south hard. As a result, bitcoin slumped to a weekly low of $35,000.
However, it reacted well to this two-grand decline and initiated a massive leg-up almost immediately. This culminated in a surge to $38,000 for the second time within a seven-day period.
As with the previous attempt, though, this one was quite unsuccessful, and BTC found itself dumping by more than $2,000 in the following 24 hours and slipping below $36,000.
Although it bounced off again and recovered some ground, the asset is still nearly 3% down on the day. Its market capitalization has declined to under $710 billion, while its dominance over the alts stands still at 51% on CMC.
BTCUSD. Source: TradingView## Alts Turn Red, but Not DOGE
Most alternative coins soared yesterday to local peaks, but the situation is quite different today. Perhaps the biggest news on Thursday was BlackRock’s actual filing for a spot Ethereum ETF with the SEC. However, it seems this was a sell-the-news moment, as ETH’s price has declined by roughly $100 since then.
Binance Coin Ripple, Polkadot, Litecoin, Toncoin, and Uniswap have all dropped by similar percentages.
Even more daily declines come from the likes of MATIC, AVAX, LINK, ADA, and SOL. In the case of Solana, the price slump is by more than 10%.
Dogecoin is the only lager-cap alt in the green. DOGE has shot up by 10% and trades above $0.085.
The total crypto market cap has erased almost all gains from yesterday and is back to just under $1.4 trillion on CMC.
Cryptocurrency Market Overview. Source: Quantify Crypto
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